Ripple Labs Looking Into Buying Celsius Assets

Ripple Labs is forging ahead with a new acquisition with the San Francisco-based blockchain payments company said to be interested in buying Celsius assets.
The company which is embattled with an SEC lawsuit is stated to be “interested in learning about Celsius and its assets, and whether any could be relevant to our business”

According to Reuters, Ripple Labs, the company behind XRP tokens is interested in purchasing Celsius assets. If you remember, Celsius crashed a few weeks ago with the crypto lender filing for bankruptcy. Ripple on its part has been seemingly forging ahead in its business development despite dealing with a lawsuit brought to it and its executives brought by the Security Exchange Commission (SEC) in which they accuse the company of selling unregistered securities in the form of XRPs.

BREAKING: Ripple is interested in learning about wether they should purchase bankrupt Celsius’s assets 🚨$XRP https://t.co/DsDH8NUeAr

— MASON VERSLUIS (@MasonVersluis) August 10, 2022

Following the report, one popular analyst has questioned if this was one way that Ripple might be using as a buyback strategy.

Hmmm,if this is solely for the assets,One has to wonder if this is another part of the #Ripple buyback scenario? If not,what could they want with #Celsius the company?#RETWEET https://t.co/IhsjkaXAP4

— Digital Perspectives #LevelPlayingField (@DigPerspectives) August 10, 2022

A spokesperson told Reuters that the company is always looking for new and exciting opportunities that can help the company scale.

We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,

Ripple is actively looking for M&A opportunities to strategically scale the company.

In its filings, Celsius noted that it has a nearly $1.2 billion deficit. It further later indicated that 80% of its customers had signed off their rights to their holdings. In May, the WSJ reported that despite users withdrawing their money soon after rumors of its collapse surfaced, the company still owes customers more than $4 billion. The crypto lending platform that once held $28 billion in assets under management, lost 88% of its assets in its mid-June crash.